San Antonio investment property 16.47 cap 2 homes 150K

Posted by George Alexander on Saturday, November 9th, 2019 at 9:55am.

139 Surrey | 2 Homes | Easy I-35 access | Excellent investor property | 16.47 Seller reported CAP | Close to downtown San Antonio | REDUCED $25K TO $150,000

Zoned R-4. 2 homes. Potential re-permit to 5 units. 2,382 SF total. Completely fenced. Mature trees. 1 block to La Fiesta Supermarket on Nogalitos. Each home individually metered. Main Home: 1,702 HVAC SF and 185 SF porch. Built in 1950. 3 bedrooms, 2 baths. Guest Home: 680 HVAC SF, 44 SF porches and 35 SF attached utility room. Built in 1954. 1 bedroom, 1 bath. 70 Walk Score. 47 Transit Score, 56 Bike Score. Within 5 MI of high performing Charter Schools. 1.2 MI from I-35 South and 1.7 MI from I-35 North at Exit 152A - Division AVE. 3 MI to Downtown San Antonio. $174,905 Zillow estimate.

Investment profile:

SWPRE Nogalitos Heights subdivision research and analysis: 

Seller's Market
3 months of inventory available 

Prior 12 months key statistics:

Average days on market: 35  
Average sale price per SF: $121
Increase in average list $ compared to average sold price: 23% 
 Increase in highest list $ per SF compared to highest sold price per SF: 20%

HouseCanary property analysis:

Market status: Seller's Market
Home value estimates: $150,193 low value, $178,523 average, $206,853 high
Annual property value trend next 12 months in zip code: 4.9%
Risk of value decline in zip code: Very low 
Market change past 12 months: Market has tightened

Seller provided financials

Occupancy: 100%
Annual revenues: $34,560
Annual operating expenses: $9,850
Net operating income: $24,710 

Financing assumptions:

Sale price: $150,000
Down payment:  $40,500 (25%)
Amount financed: $112,500
Closing costs: $3,000 (2% of sales price)
Interest rate: 5%
Amortization schedule: 25 years
Monthly P&I: $658
Annual debt service: $7,892

Proforma owner manager key indicators:

Net operating income: $24,710
Net cash flow: $16,818
1st year cash on cash: 41.53%
CAP rate: 16.47%
Debt Service Coverage Ratio: 3.13

Proforma property manager key indicators:

Net operating income: $22,636
Net cash flow: $14,744
1st year cash on cash: 36.41%
CAP rate: 15.09%
Debt Service Coverage Ratio: 2.87

Showings: Tenant occupied. Appropriate advance notice required. Viewings limited to 1 unit. Arrangements to view all units during Option Period. To schedule a showing, contact SWPRE San Antonio at 210.571.3776 or sanantonio@swpre.com


PICTURES

 

RESEARCH AND ANALYSIS

 

PDF DOWNLOADS

Pictures Pack     Research & Analysis Pack     Seller's Disclosures

 

BEXAR CENTRAL APPRAISAL DISTRICT DATA 

Owners: Leonel G. Rangel & Yolanda Martinez Martinez

Property Address: 139 Surrey AVE, San Antonio, TX 78225-2441

Legal:

Property ID: 370419
Geographic ID: 06070-012-0300
Legal Description: NCB 6070 BLK 12 LOT 30 & 31
Zoning: R-4
Subdivision: Nogalitos Heights

Improvement #1*:

Type: Multi Family 2-4 Units
Year Built
: 1950
HVAC SF
: 1,702 SF |  158.1 m2
Attached Open Porch: 185 SF | 17.2 m2

Improvement #2*:

Type: Residential
Year Built: 1954
HVAC SF: 680 SF |  63.2 m2
Attached Utility: 35 SF | 3.3 m2
Attached Open Porch: 20 SF | 1.9 m2
Attached Open Porch: 24 SF | 2.2m2

Land:  0.1618 acres | 7,050 SF |   655 m2 |   0.07 hectares*

*m2 & hectares estimates by SWPRE 

Property Taxes:

2019 Taxes without Exemptions
: $2,641.27
2019 Taxes with Exemptions: $1,408.54
Tax Rate: 2.834282
Exemptions: Yes

HOA: None

Schools:

District: San Antonio ISD
Elementary: Graebner
Middle: Lowell
Senior: Burbank

 

DIRECTIONS  

1.2 MI from I 35 S at Division AVE (Exit 152A)

Exit 152A toward Division AVE 0.2 MI
Turn right (west) on Gladstone AVE 0.7 MI
Turn left (south) on Elmo ST 344 FT
Turn right (west) on Surrey AVE 0.1M
Property on your right with sign

Google Map link

1.7 MI from I 35 N at Division AVE (Exit 152A)

Exit 152A toward Division AVE 0.7 MI
Turn left (west) on Division AVE 0.8 MI
Turn right (north) on Huron ST 0.1 MI
Turn left (west) on Surrey AVE 144 FT
Property on your right with sign

Google Map link

 

3% BUYER BROKER COMMISSION

Only requirements for payment of 3% buyer broker commissions: Texas Broker License and submit contract that escrows, closes and funds. 

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